5 Keys to Managing Any Project - Session 5: Risks and Issues

–5 KEYS TO MANAGING PROJECTS - SESSION 5 - RISKS & ISSUES NOTES
1. Intro
2. 5 Keys to Managing Any project
3. Are you tracking risks and issues now for your projects?
4. What is a risk?
1. Risks are both positive and negative
5. Where do you find risk events?
1. Risks can pop up during a project
2. Project Insight can put risks in your template with common risks
3. No issues with projects, no job for PMs
6. Simple Risk ID
1. Risk is IF/THEN - It matters what the effect is how you approach a risk
2. What can we do to minimize risk?
7. Simple Risk Impacts
1. Simple - Probability/Impact - Low or High?
2. Evaluate low, medium, high
8. Risk Analysis Matrix
1. Project Insight allows you to put risks into the tool and they show up in your risk matrix - taylor it to meet your needs
2. Giving a visual of risks help people to understand them
3. Goal is to be able to visually see where risk fall in importance and making your your team addresses important ones
9. Risk Strategies - Negative
1. Avoid Risks - How do you avoid and reach probability zero - not all risks need to be avoided
2. Transfer - Want to transfer to another party
3. Mitigate - Minimize risks as much as possible
4. Accept - Do nothing because its really low risk
5. Project Insight let’s you rescore your risks to see how they will play out
10. Risk Strategies - Positive
1. Exploit - Make probability 100%
2. Share - Share with others who can help and benefit
3. Enhance - How can I help it along? Enhance skills for success
4. Accept - Accept it may or may not happen and that’s okay
5. PMs should see if there are positive risks that can help
11. How can You Tell a Risk is Coming?
1. Find a risk mitigation strategy - Document it
2. A risk event occurs, look for the risk trigger, establish a risk owner, decide what strategy should be used to deal with the risk
3. Know what to do if there’s a risk as opposed to trying to figure out risks as they come
4. Managing these risks is a PM superpower
12. Keep Track of Risks
1. Don’t lose the farm over risks
2. Its a discipline to keep track of the environment of your project
13. Risk Trigger
1. Who takes the baton when the risk occurs? - be prepared
2. Establish ownership and some level of a plan
3. Project Insight provides a way to keep track of risks, all in one tool, no need for spreadsheets, connect to the rest of your project processes
4. Risk owners can be assigned and seen on your work list, report across all portfolio
5. Giving stakeholders visibility creates confidence in project success
14. Solutions that Derail Projects
1. Decisions made without checking the impact to the schedule
2. Scope is not clear - make sure your charter and objectives are clear
3. Work gets behind schedule
4. Always respond to issues
5. Don’t have too many objectives - know what you want to accomplish
6. Best Practices for Managing Issues
a. Don’t jump on every issue that pops up
b. Monitor risks regularly
15. Urgent and Important
1. All project tasks ideally should be in the “important and not urgent” category - this is where you should work
2. Don’t work on what is not important
16. With Project Insight, capture and leverage risk priority columns
1. Reporting on risks and issues helps people plan better for next time
17. Course Wrap Up
18. Presentation Conclusion

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